What goes around comes around Richo!
Graham Richardson has been riding for a fall all his life and now it looks imminent. ASIC are on the prowl over the Offline Press incident. This mornings Australian has the details Australian Securities & Investments Commission investigators, aided by Australian Federal Police officers, searched for documents relating to share trades in Offset Alpine through Swiss bank accounts. ASIC confirmed it had executed a number of search warrants in Sydney yesterday, but would not say whether Qantas director Trevor Kennedy and former federal Labor cabinet minister Graham Richardson were also raided. The trio have been exposed as the mystery owners of 38 per cent of Offset Alpine, a printing company that grew from an industry minnow into a printing powerhouse following a fire on Christmas Eve 1993. An insurance payout of $53 million on assets worth $3million bought state-of-the-art printing presses, which largely serviced Kerry Packer’s Australian Consolidated Press. Right..so this is how it is done. Buy shares in a run-down printing company worth about $3million and then subsequent to a “fire” claim $53million from the insurance company, buy new gear with the money and have a chat with Packer. Throw in a Swiss Banking company and you have the answer….fraud. I’d defy anyone to put a different spin on it. I’m sure ASIC would like to know who is on the board of the insurance company and what relationship they had with Rivkin/Richardson/Kennedy. I hope it’s not HIH! What goes around comes around Richo!